OPEC crude price drops 3.98 dollars Monday

Business Materials 16 September 2008 13:19 (UTC +04:00)

The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) has dropped by nearly 4 dollars, OPEC said on Tuesday, reported dpa.

One barrel (159 litres) of OPEC-produced crude stood at 91.35 dollars Monday, 3.98 dollars lower compared with 95.33 dollars on Friday.

With the financial crisis in the United States, the US financial industry was selling commodity positions to secure cash flows, energy analysts JBC Energy said in Vienna.

OPEC calculates an average basket price based on 13 important brands produced by cartel members.